Who needs this bond
General contractors and subcontractors bidding on public works projects, federal Miller Act jobs, and most private commercial work over a threshold set by the obligee.
Typical amount and term
Bond amount typically equals 100 percent of the contract value. Premium runs 1 to 3 percent of bond amount for well-qualified contractors. Term matches the contract duration.
What you will need
- Completed surety questionnaire and last 3 years of CPA-prepared financials
- Personal financial statements for owners with 10 percent or greater interest
- Work in progress schedule and bank line of credit confirmation
- Reference letters from suppliers, subcontractors, and prior obligees
How to apply
- Request a quote with project size, scope, and obligee details
- Send underwriting package (financials, WIP, references)
- Receive bid bond or consent of surety within 24 to 48 hours
- Bond issued at award; final payment and performance bonds filed with the obligee